GSK
GSK · NYSEPharmaceutical Preparations · Reports in GBP
GSK reported revenue of GBP 32.7B in the fiscal year ended Dec 2025, up 4.1% from the year before. Operating income was GBP 7.9B, an operating margin of 24.3%, and net income was GBP 6.3B. Operating cash flow of GBP 7.7B less capital expenditure of GBP 1.3B left free cash flow of GBP 6.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | GBP 24.7B | GBP 29.3B | GBP 30.3B | GBP 31.4B | GBP 32.7B |
| Cost of revenue | GBP 8.2B | GBP 9.6B | GBP 8.6B | GBP 9B | GBP 9B |
| Gross profit | GBP 16.5B | GBP 19.8B | GBP 21.8B | GBP 22.3B | GBP 23.7B |
| Research & development | GBP 5B | GBP 5.5B | GBP 6.2B | GBP 6.4B | GBP 7.5B |
| Selling, general & admin | GBP 7.1B | GBP 8.4B | GBP 9.4B | GBP 11B | GBP 9.1B |
| Operating income | GBP 4.4B | GBP 6.4B | GBP 6.7B | GBP 4B | GBP 7.9B |
| Interest expense | GBP 775M | GBP 912M | GBP 792M | GBP 669M | GBP 701M |
| Pre-tax income | GBP 3.6B | GBP 5.6B | GBP 6.1B | GBP 3.5B | GBP 7.4B |
| Income tax | GBP 83M | GBP 707M | GBP 756M | GBP 526M | GBP 1.1B |
| Net income | GBP 5.1B | GBP 15.6B | GBP 5.3B | GBP 3B | GBP 6.3B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | GBP 4.3B | GBP 3.7B | GBP 2.9B | GBP 3.9B | GBP 3.4B |
| Receivables | GBP 7.9B | GBP 7.1B | GBP 7.4B | GBP 6.8B | GBP 7.5B |
| Inventory | GBP 5.8B | GBP 5.1B | GBP 5.5B | GBP 5.7B | GBP 5.9B |
| Current assets | GBP 18.7B | GBP 20.8B | GBP 18.6B | GBP 17B | GBP 17.5B |
| Net PP&E | GBP 9.9B | GBP 8.9B | GBP 9B | GBP 9.2B | GBP 9.3B |
| Goodwill | GBP 10.6B | GBP 7B | GBP 6.8B | GBP 7B | GBP 7B |
| Total assets | GBP 79.1B | GBP 60.1B | GBP 59B | GBP 59.5B | GBP 61.1B |
| Payables | GBP 17.6B | GBP 16.3B | GBP 15.8B | GBP 15.3B | GBP 15.4B |
| Current liabilities | GBP 23.7B | GBP 22.8B | GBP 21.1B | GBP 21.7B | GBP 21.4B |
| Total liabilities | GBP 57.8B | GBP 50.1B | GBP 46.2B | GBP 46.4B | GBP 45.2B |
| Shareholders' equity | GBP 15.1B | GBP 10.6B | GBP 13.3B | GBP 13.7B | GBP 16.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | GBP 8B | GBP 7.4B | GBP 6.8B | GBP 6.6B | GBP 7.7B |
| Capital expenditure | GBP 950M | GBP 1.1B | GBP 1.3B | GBP 1.4B | GBP 1.3B |
| Free cash flow | GBP 7B | GBP 6.3B | GBP 5.5B | GBP 5.2B | GBP 6.4B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.7% | 3.4% | 3.5% | 4.1% |
| Operating income growth (YoY) | – | 47.6% | 4.8% | −40.4% | 97.3% |
| Gross margin | 66.9% | 67.4% | 71.8% | 71.2% | 72.4% |
| Operating margin | 17.6% | 21.9% | 22.2% | 12.8% | 24.3% |
| Net margin | 20.6% | 53.3% | 17.5% | 9.4% | 19.3% |
| Return on equityBlank when equity is negative | 33.8% | 147.4% | 39.8% | 21.6% | 38.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.9% | 17.2% | 17.8% | 10.6% | 20.0% |
| Free cash flow margin | 28.4% | 21.3% | 18.0% | 16.4% | 19.6% |
| Cash conversion (CFO ÷ net income) | 1.56x | 0.47x | 1.28x | 2.22x | 1.23x |
| Receivable days | 116 | 88 | 89 | 80 | 83 |
| Inventory days | 259 | 197 | 234 | 229 | 240 |
| Payable days | 785 | 621 | 675 | 619 | 623 |
| Interest cover | 5.62x | 7.05x | 8.52x | 6.01x | 11.3x |
| Current ratio | 0.79x | 0.91x | 0.88x | 0.78x | 0.82x |
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.